http://www.freetradez.com - Free Commissions

I don't want to get into a pissing contest here, if you missed my point read it again, and again. people who try
to get something for nothing - there is a word for them.
Idiots, suckers !!! There is a business model built around
them, you see and it's sell dreams of suckers, collect info on a web-site and sell it for sleazy tele-marketers.The
only smart post I saw was ArchAngel's. Flat, there is no
way, no how to build a workable broker on the net for free.
Trades cost fractions of pennies for NYSE members and members of Nasdaq MM enchelon. However they may give it to you for pennies and even a 1c a share, there will be
ECN costs back office, litigation costs, etc, etc. Anyone
normal would be afraid to deposit funds into a broker who
offers FREE trades. I mean how fucking stupid can you get ?
Wait I will build a site and just send $$$$ to a PO Box.
 
Agreed - I won't get in a pissing match with a moron like you. :rolleyes:

At least we both agree that ArchAngel is very smart/experienced. I respect his opinion greatly unlike yours. ;)
 
It appears that FREETRADEZ Live Chat has not been launched yet... hence the lack of activity when I tried it out.
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http://www.freetradez.com/logon/forum/forum_chat.asp

Live Chat

Freetradez offers our clients the capability to choose hundreds of topics to discuss live with other Freetradez clients. Come together with other investors to chat about the market, stocks, hot current issues, top business news, or anything that sparks your interest! FREETRADEZ Live Chat is coming soon, so please check back to find out when you will be able to share your ideas and opinions with others.


 
andrasnm

You don't watch TV, do you? Or listen to the radio? They're scams! Everyone thinks they're getting something for free. But nothing's free, as you pointed out.

How are people getting screwed opening an account with them? Do you think they're going to run off with everyone's money? They say they don't sell order flow. As far as I know, that's the only way brokers who charge next to nothing for commissions screw their customers. Do you think they're lying about this? Brokers who sell order flow are required to disclose this information. How do you propose that Freetradez is going to screw their customers?

Of course, the big question is, will the business model work? Hard to tell, because it's never been done before. I have my doubts, as do all the other 'morons' who participate on this thread.

By the way, I came very close to deleting some of your posts. There is no reason to be so condescending to others, especially when you obviously don't know what you're talking about.
 
I called FreeTradez [toll-free 1-877-ZIP-ZERO (947-9376)]a few minutes ago and spoke with a representative. She said they were working long hours preparing for full launch. She was hesitant (understandable given the delays to date) about giving a specific time frame but mentioned two weeks may be in the ball park. In the meantime, she said customers may complete their account applications now and then fund their account after FreeTradez full launch.

By the way, I did research what kind of insurance coverage FreeTradez provides for its customers...
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http://www.freetradez.com/logon/accounts/accounts_faq.asp

Is the Investor's Advocate insured by SIPC?

Yes, your account is covered by SIPC up to $500,000; $100,000 in cash and $400,000 in securities.

Is the Investor's Advocate insured in addition to SIPC coverage?

Yes, all accounts have additional coverage of $49.5 million through Lloyds of London.
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We still have a lot to see how Freetradez will perform when it starts to operate. A lot of things could happen. Order routing problems, software problems, technical support problems, etc, etc I give it 6months to 1 year for it to go efficient, but by the time daytrading for free is very tempting, especially with small positions, you can scalp 100 shares on 1/16 or 1/8 and still be profitable.

I will really bring more competition among EDAT brokers, so maybe other brokers will have to keep lowering their commissions or offer better customer support in order to attract customers and keep expanding.


hsanson
 
andrasnm, congradulations on opening your mouth and proving what a numbskull you are rather than having the rest of us wonder about it.
Try thinking like a pragmatic for once, throughout history many of our greatest and sometimes simplest inventions came in the midst of individuals like yourself saying how foolish, idiotic, and impossible the idea was.
How impossible it seemed that we could take information, place it in a tiny packet of light, send it flying faster than then the speed of light through glass, and decode it on the other end in the form of an electronic signal, hmmm lets call it fiber optics. Seems far fetched would'nt you say.
But let someone try and find an alternative means of paying for stock trades and you call the individuals crazy for trying. How about giving a little support for something that stands to benifit you more than a little bit. Or do you prefer to pay thousands of dollars a year in commission.
Warren buffet (ever heard of him) said over $130 Billion dollars is spent each year in frictional costs, commissions, market makers spread, etc... if they can put a portion of that back in the investors pockets, dont you think the advertisers will line-up for a crack at it ??
How about giving it a chance to fail, what are you afraid of, they seem to have met all regulatory approvals, they know EVERYONE in the industry is watching them, there's nothing they could "get away with" while all eyes are watching,... sit back and enjoy the ride.
 
Up2par
You are abviously not reading the news. Yahoo, Engage, CMGI
are all in the dumps because internet advertising is in
the dumps. You should take your head out of your butt
before you embarass yourself even more. If you guys can
trade for free I will publicly apologize but I seriously
doubt you will have a viable solution for trades where
they don't sell the orderflow and give you free commissions.
Until you have proof just shut up and pray !!!
 
up2par - that was a very interesting point you made (i.e. Warren Buffet estimate of frictional costs).

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http://www.rsh-cpa.com/news6.htm

From Warren Buffet:

"And there’s still another major qualification to be considered. If you and I were trading pieces of our business in this room, we could escape transactional costs because there would be no brokers around to take a bite out of every trade we made. But in the real world investors have a habit of wanting to change chairs, or of at least getting advice as to whether they should, and that costs money – big money. The expenses they bear – I call them frictional costs – are for a wide range of items. There’s the market maker’s spread, and commissions, and sales loads, and 12b-1 fees, and management fees, and custodial fees, and wrap fees, and even subscriptions to financial publications. And don’t brush these expenses off as irrelevancies. If you were evaluating a piece of investment real estate, would you not deduct management costs in figuring your return? Yes, of course – and in exactly the same way, stock market investors who are figuring their returns must face up to the frictional costs they bear.

And what do they come to? My estimate is that investors in American stocks pay out well over $100 billion a year – say, $130 billion – to move around on those chairs or to buy advice as to whether they should! Perhaps $100 billion of that relates to the Fortune 500. In other words, investors are dissipating almost a third of everything that the Fortune 500 is earning for them – that $334 billion in 1998 – by handing it over to various types of chair-changing and chair-advisory “helpers.” And when that handoff if completed, the investors who own the 500 are reaping less than a $250 billion return on their $10 trillion investment. In my view, that’s slim pickings."
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